ATLANTA, Sept. 30, 2019 /PRNewswire/ -- SunTrust (NYSE:
STI) today announced that five million people have taken a step to
improve their financial wellness through tools, tips and counseling
from The onUp Movement. In 2016, after uncovering through extensive
research that 75% of Americans were experiencing financial stress,
SunTrust launched "onUp," a national movement for financial
confidence.
"From building a budget, to tracking spending and starting a
savings plan, we are seeing Americans work to gain greater control
over money matters," said Mark
Chancy, Consumer Banking executive at SunTrust. "Our company
set a goal of helping five million people over five years, and we
are very pleased to have reached that milestone in less than four
years."
According to the SunTrust National Financial Confidence Poll,
one-third of Americans (34%) feel they are living paycheck to
paycheck, 79% report experiencing financial stress in the previous
six months, and about half (49%) do not have $2,000 on hand for emergencies without dipping
into retirement savings.
SunTrust unveiled The onUp Movement with a Super Bowl ad that
shed light on the burden of financial stress for Americans and
introduced a series of actions and tools on onUp.com to help people
take the first step toward financial confidence. In addition to
online resources, SunTrust has advanced financial wellness through
support of Operation HOPE counselors in select branch locations;
provided financial wellness workshops through employee volunteer
efforts and offered a not-for-profit workplace financial wellness
program, Momentum onUp, to other companies.
"Our Momentum onUp workplace program is now used by more than
200 companies to improve the financial stability of their
employees," said Beau Cummins,
SunTrust Wholesale Banking executive. "For employees completing the
program, those living by a budget increased from 43% to 87%, and
those saving for retirement increased their investment
contributions for retirement by 35%."
The SunTrust Foundation's philanthropic efforts support
nonprofits, such as Autism Speaks, Money Management Inc. and the
SunTrust Student Financial Management Center at Georgia State University among others, that are
improving the financial well-being of people in the community.
"More important than the number of participants is what this
milestone represents – that people are beginning to take action to
build financial confidence," said Susan
Somersille Johnson, SunTrust chief marketing officer. "The
onUp Movement has empowered people to talk about one of the biggest
taboos, money. Businesses are making it part of their benefits
programs, people are sharing the resources and many are telling
their stories for inspiration."
Across all income levels, SunTrust research shows that Americans
with high financial confidence also practice behaviors to actively
manage their money – such as using a budget, managing debt, saving
regularly, maximizing their income and planning for retirement.
onUp participants are encouraged to take steps to adopt one or more
of those behaviors, and participants that have seen success say
that taking control of their finances makes them feel empowered, in
control and confident.
"I feel more confident than ever with my finances. Changing how
I view my spending habits has put me in the position to have
choices, and it helped me realize that my dream of moving to the
beach was within my reach," said Renee
Pitchford, a school teacher in Rosemary Beach, Florida, and onUp participant
since 2016. "onUp has given me the tools and resources to reach my
goals, and I would encourage others that are feeling anxiety caused
by money to join the movement." Read more inspirational stories
about the journey to financial confidence here.
For tips, tools and inspiration to gain financial confidence,
join The onUp Movement at onUp.com.
SunTrust National Financial Confidence Poll
The SunTrust National Financial Confidence Poll is fielded
quarterly and representative of the U.S. adult population with
participating Americans of different ages, incomes and geographic
regions. Statistics referenced in this release are from the poll
fielded in Q2 2019.
About SunTrust Banks, Inc.
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven
company dedicated to Lighting the Way to Financial Well-Being for
the people, businesses, and communities it serves. SunTrust leads
onUp, a national movement inspiring Americans to build financial
confidence. Headquartered in Atlanta, the Company has two
business segments: Consumer and Wholesale. Its flagship
subsidiary, SunTrust Bank, operates an extensive branch and
ATM network throughout the high-growth Southeast and Mid-Atlantic
states, along with 24-hour digital access. Certain business lines
serve consumer, commercial, corporate, and institutional clients
nationally. As of June 30, 2019, SunTrust had total
assets of $222 billion and total deposits of $161
billion. The Company provides deposit, credit, trust, investment,
mortgage, asset management, securities brokerage, and capital
market services. Learn more at suntrust.com.
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SOURCE SunTrust Banks, Inc.